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I disagree. It looks more like if you ensure that medium to high income earners have stable employment, the economy is more or less okay. By all indications the
by remote_phone 6y ago
I disagree. It looks more like if you ensure that medium to high income earners have stable employment, the economy is more or less okay. By all indications the economy is doing much better than anyone would have thought and that’s on the backs of the medium and high end. The low wage earners spend their money on things that don’t move the needle for the economy otherwise it would have taken a bigger impact.
- lumost 6y agoNet consumer spending is still down ~4%. In the long-run if high income individuals could simply stop spending ~10% of their income - its quite likely that they are not spending the 10% on things that move the needle.
- noirbot 6y agoIf anything, this somewhat refutes the GP's point. Giving money to low-income people and increasing their spending didn't make up for the larger decrease in high-income spending. This is not to say that we shouldn't support low-income people, that's important as a moral and civil matter, but the economy at large, by volume, includes a lot of things that mostly high-income people spend on, and those things often employ a lot of people.